BNP Prunes Balance Sheet

BNP Paribas has continued with its efforts to reduce its balance sheet as it strives to meet regulatory capital ratios.

It has sold its North American energy business to Wells Fargo.

The deal includes $ 9.5 billion in loans and 150 customers 90 per cent of whom are in the US. Thirty six employees will transfer.

The deal will reduce the French banks' capital requirements by five basis points.